U.S. Movers: Best Buy, Cracker Barrel, Intersil, IHS, Steel Dynamics

Mukesh Buch
13 Sep, 2011
New York City

Best Buy second quarter net income declined 30% to $177 million. Intersil revised lower guidance for revenues in third quarter. IHS reiterated 2011 revenue in the range of $1.31 billion to $1.34 billion. Spansion updated its business outlook for the third quarter.

[R]11:00 AM New York – Best Buy second quarter net income declined 30% to $177 million. Intersil revised lower guidance for revenues in third quarter. IHS reiterated 2011 revenue in the range of $1.31 billion to $1.34 billion. Spansion updated its business outlook for the third quarter.[/R]

Best Buy Co., Inc ((BBY)) decreased 6.9% or $1.74 to $23.22 after the consumer retailer reported second quarter revenue edged up to $11.35 billion from $11.34 billion in the prior-year quarter on comparable store sales decline of 2.8%.

Net income in the quarter declined 30% to $177 million or 47 cents per share compared to $254 million or 60 cents per share a year ago.

Cracker Barrel Old Country Store, Inc. ((CBRL)) increased 2.2% or 88 cents to $40.74 after restaurants operator said fourth quarter total revenue rose 0.1% to $612.9 million from $612.4 million in the comparable period a year ago. Net income in the quarter fell 36% to $17.54 million or 75 cents per diluted share compared to $27.41 million or $1.14 per share in the prior-year quarter.

Intersil Corporation ((ISIL)) gained 3% or 32 cents to $10.98 after the integrated circuit maker revised its guidance for the third quarter 2011 and now expects revenue to be in the range from $184 million to $188 million from previous guidance of $205 million to $213 million.

IHS Inc. ((IHS)) increased 1.1% or 86 cents to $75.82 after the publicly traded business information services company reiterated 2011 revenue in a range of $1.31 billion to $1.34 billion and adjusted EBITDA of $399 million to $407 million.

Spansion Inc. ((CODE)) slipped 3.7% or 51 cents to $13.16 after the flash memory chip maker updated its business outlook for the third quarter the company now expects revenue in the range of $250 to $270 million compared to initial estimate of $285 to $325 million. The majority of reduction is from the company''s wireless products.

Steel Dynamics, Inc. ((STLD)) increased 2.8% or 32 cents to $11.50 after the steel producer and metals recycler expects third quarter earnings to be in the range of $0.18 to $0.22 per share. The steel company also declared a quarterly cash dividend of $0.10 per share.